Consolidated Statements of Cash Flows


    Year ended December 31  
  Notes 2011 2010 2009
Cash flows from operating activities        
Profit before income tax   57,025 41,379 34,337
Adjustments to reconcile profit before tax to cash generated
from operations:
       
Depreciation, amortization and impairment losses 6,7 54,040 55,756 51,344
Loss on sale of property, plant and equipment and
intangible assets
  287 933 1,195
Bad debt expense 13 627 682 1,068
Income from associates   (3,439) (239) (216)
Finance costs excluding finance costs on pension
and other long-term social liabilities
26 11,434 10,374 14,881
Other investing and financing gain 27 (2,656) (2,745) (3,237)
Foreign exchange loss, net   265 87 2,717
Share-based payment expenses 29 588 3,930 -
Changes in net working capital:        
(Increase) /decrease in accounts receivable   (2,204) (3,659) 1,345
(Decrese)/increase in employee benefits   (4,445) 619 846
(Increase)/decrease in inventories   (85) (367) 355
(Decrease)/increase in accounts payable, provisions
and accrued expenses
  (5,607) (416) 2,360
(Decrease)/increase in other assets and liabilities   (851) (252) 1,113
Cash generated from operations   104,979 106,082 108,108
Interest paid   (11,234) (11,356) (16,412)
Income tax paid   (9,050) (9,704) (5,441)
Net cash provided by operating activities   84,695 85,022 86,255
Cash flows from investing activities        
Purchase of property, plant and equipment and
intangible assets
  (82,776) (51,845) (45,352)
Proceeds from sale of property, plant and equipment
and intangible assets
  1,484 1,284 1,006
Acquisition of financial assets   (8,565) (10,764) (31,138)
Proceeds from disposals of financial assets   9,176 20,152 18,399
Government grant received 24 1,105 - -
Interest received   934 2,282 2,513
Dividends received from associates   193 188 145
Purchase of subsidiaries, net of cash acquired   (32,281) (4,548) (496)
Proceeds from disposals of equity accounted investees   - - 2
Acquisition of equity accounted investees   (3,640) (26,000) (2)
Net cash used in investing activities   (114,370) (69,251) (54,923)
Cash flows from financing activities        
Sale of treasury shares   1,754 - -
Purchase of treasury shares   (1,487) (25,343) -
Proceeds from bank and corporate loans   289,470 123,353 44,384
Repayment of bank and corporate loans   (246,941) (83,215) (59,328)
Proceeds from bonds   - 126 13,390
Repayment of bonds   (13,932) (11,077) (19,712)
Proceeds from promissory notes   12,050 5,340 3,515
Repayment of promissory notes   (13,068) (7,276) (5,306)
Repayment of vendor financing payable   (368) (890) (1,721)
Proceeds from / (repayment of) other non-current financing
liabilities
  72 47 (29)
Repayment of finance lease liabilities   (2,514) (3,764) (5,097)
Acquisition of non-controlling interest   (366) - (1,318)
Dividends paid to shareholders of the Group   (116) (14,106) (6,099)
Dividends paid to non-controlling shareholders of subsidiaries (303) - (50)
Net cash provided by/(used in) financing activities   24,251 (16,805) (37,371)
Effect of exchange rate changes on cash and cash equivalents (26) 40 33
Net (decrease)/increase in cash and cash equivalents   (5,450) (994) (6,006)
Cash and cash equivalents at beginning of year   12,627 13,621 19,627
Cash and cash equivalents at the end of year   7,177 12,627 13,621

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